For the Quarter Ending March 2023
North America
Mixed Xylene prices showed a see-saw trend in the USA market during the first quarter of 2023. During January, Mixed Xylene prices dropped on account of low buying trends in the region. Operating rates remained weak in the domestic market due to sluggish consumption from the downstream industries. Cost pressure from feedstock Toluene has eased, which resulted in the low production cost of Mixed Xylene in the region. In addition, demand for Mixed Xylene from the downstream value chain (o-xylene, p-xylene, and m-xylene) have remained gloomy from both the domestic and overseas market. Although, during February, Mixed Xylene prices increased, supported by the improved consumption from the downstream value chain industries. However, during March, Mixed Xylene prices gained a downward trend. The ribbing inflationary pressure and fears of a financial crisis amid the failure of two banks, Silicon Valley and signature bank, have exhausted the economic condition in the US market. Market participants reported the inventories of Mixed- Xylene in the US market were adequate to cater to the inquiries from the end-user market. As a result, prices of Mixed Xylene FOB Texas were assessed at USD 1119/MT during March 2023.
Asia- Pacific
Mixed Xylene prices have witnessed fluctuation in China market during the first quarter of 2023. During the initial of Q1, Mixed Xylene prices decreased, backed by the low buying interest among end-users. Furthermore, stable demand and ample supply in the domestic market have further weighed down the prices of Mixed Xylene. In addition, cost pressure from feedstock Toluene has been reduced, which resulted in the low production cost of Mixed Xylene in the domestic market. Although, during mid and final of Q1, Mixed Xylene prices increased due to improved consumer sentients in the market. Demand from the downstream value chain industry has increased. Market participants reported a sharp rise in queries from the end-user. As a result, prices of Mixed Xylene Ex- Qingdao were offered at USD 1088/MT during March.
Europe
Prices of Mixed Xylene have witnessed mixed sentiments in the European market during the first quarter of 2023. During the initial and mid of Q1, Mixed Xylene prices increased as market participants restocked the material available in the region. Volatility in the crude oil prices and high inflationary pressure further supported the elevated prices of Mixed Xylene in the European region. On the other side, feedstock Toluene prices have also inched higher, which resulted in the high production cost of Mixed Xylene in the regional market, thus boosting the prices of Mixed Xylene in Europe. Although, during the final of Q1, Mixed Xylene prices declined as the market sentiment continued to deteriorate in the backdrop of macroeconomic devastation in the banking sector. Furthermore, cost pressure from feedstock Toluene has eased, resulting in the low production cost of Mixed Xylene in the region. However, market participants reported that demand for Mixed Xylene from the downstream value chain o-xylene, p-xylene, and m-xylene has remained stagnant while the sufficient inventories to cater to overall demand. Thus, prices of Mixed Xylene FOB Hamburg were settled at USD 1007/MT during March.
For the Quarter Ending December 2022
North America
Prices of Mixed Xylene showed fluctuation in the USA market during the fourth quarter of 2022. During the first half of the fourth quarter, Mixed Xylene prices increased. Volatility in the energy prices and high inflation rate contributed to the high price of Mixed Xylene in the regional market. Demand from the downstream paints and construction and other competitive industries has been stable in the domestic market. Meanwhile, demand from the overseas market has remained on the weak side, as Europe faces soft buying sentiment. However, during the final of the fourth quarter, Mixed Xylene prices declined due to inactive inquiries from the domestic and overseas markets. Domestic production costs remained stagnant amid stable energy prices. In conclusion, prices of Mixed Xylene FOB Texas were settled at USD 1240/MT during December.
Asia- Pacific
Mixed Xylene prices have continued their bearish rally in China throughout the fourth quarter of 2022 owing to the weak cost pressure and sluggish domestic demand. Upstream crude oil prices dropped throughout the quarter, easing the overall cost of production. Meanwhile, demand dynamics remained under pressure due to the country's frequent lockdowns due to the Covid pandemic. The performance of the construction industry has been underwhelming, and the volume of offtakes remained muted, while the sufficient inventory level weighed down the prices of Mixed Xylene in the Chinese market. Thus, after conclusion, prices of Mixed Xylene Ex- Qingdao were settled at USD 1023/MT during December.
Europe
Mixed Xylene prices have witnessed mixed sentiments in the European market during the fourth quarter of 2022. During the initial Q4, Mixed Xylene prices showed a downward trend. The decline in the price was attributed to the continual weak cost support, stability in energy prices, and cheaper Asian imports. Meanwhile, natural gas prices have shown a marginal change as the prices as the winter season moves toward their peak. Furthermore, demand from downstream derivatives and other chain industries has been weak amid soft buying sentiment in the regional market. However, prices have gained upward momentum during the mid- Q4 due to the high production cost amid soaring Natural gas prices. Meanwhile, the speculation of recession across the European market has dampened the demand from the end-user paints and coating and other competitive industries. On the other hand, in the final Q4, energy prices started to stable, leading to the stable production cost of Mixed Xylene in the regional market. Meanwhile, the supply has been supported by the cheap inflows of Asian imports. Weak demand and sufficient inventory level weighed down the prices of Mixed Xylene in the regional market. In Germany, Mixed Xylene FOB Hamburg was assessed at USD 897/MT during December.
For the Quarter Ending September 2022
North America
Mixed Xylene prices showed mixed sentiment during the penultimate quarter of 2022. Mixed Xylene prices dropped in July and August and rebounded in September. Mixed Xylene prices mirrored the crude oil fortunes. After declining consistently till August from their record pricing in Q2, crude oil prices stabilized in September as OPEC announced volume cuts. Sluggish cost pressure resulted in weak production costs. Meanwhile, demand from the downstream Paraxylene and Phthalic Anhydride has remained stable as the Polyethylene Terephthalate demand remained firm in the market. As of September, Mixed Xylene prices were assessed at USD 1235 per MT FOB USGC.
Asia Pacific
Mixed Xylene prices in the Asia Pacific market declined consistently throughout the third quarter after an initial bullish rally. Crude oil prices plummeted in August, which bodes well for the consumers as cost pressure from the upstream eased in the Chinese market. Manufacturers reported firm production rates despite ample inventories in the domestic market, which resulted in strong supply fundamentals. Meanwhile, demand from downstream Paraxylene remained stable as the Chinese market witnessed fluctuation in consumer demand amid covid related restrictions. Therefore, as of September 2022, Mixed Xylene prices were assessed at USD 1168 per MT FOB Shanghai.
Europe
Mixed Xylene prices declined sharply in the European countries throughout the quarter as Naphtha prices deteriorated after reaching record values in Q2. The cost of production remained firm in the European region despite a drop in feedstock prices as the European countries battled uncertainty around natural gas availability and a meteoric rise in LNG prices. However, cheaper imports from the Asia Pacific and North American region meant ample material availability, which eased the prices of the material in the European market. Meanwhile, demand from downstream Paraxylene remained stable to firm as the consumption rates from the Polyethylene Terephthalate market remained stable amid cheaper imports from the Asia Pacific region. In September, Mixed Xylene prices were assessed at USD 1195 per MT on an FD basis.
For the Quarter Ending June 2022
North America
The price of Mixed Xylene in the North American region showed an upward trajectory in the second quarter of 2022. The demand for Mixed Xylene increased as the downstream Phthalic Anhydride, Terephthalic Acid, and Isophthalic Acid production strengthened. The Mixed Xylene market was also inflated by the limited availability of upstream Crude as a result of the sanctions on Russian imports. So, the region's Mixed Xylene price trend climbed along with the sharply rising upstream crude price. The FOB Louisiana price thus concluded at USD 1675/ tonne in the quarter ending in June after seeing a consistent pricing trend in the US market.
APAC
During the second quarter of 2022, the price of Mixed Xylene followed mixed sentiments. Initially, the price dropped in April due to the market closure as a result of the COVID resurgence. Weak buying sentiments and the port disruption resulted in the stockpiling of the product. Later after the ease of the lockdown restrictions, the domestic market regained strength. The growing demand from PET bottle manufacturers is due to the high soft drink requirement in the summer inflated the Mixed Xylene pricing. Moreover, the active inquiries from the automotive and construction sectors have also triggered the Mixed Xylene market. As a result, the price of Mixed Xylene settled at USD 1230/ tonne Ex Qingdao in the quarter ending June 2022.
Europe
In the second quarter of 2022, the Mixed Xylene market grew in the domestic UK market. The increased upstream crude price due to the Russian invasion over Ukraine boosted the Mixed Xylene prices. Besides, the increasing demand from the domestic and regional markets also exaggerated the Mixed Xylene pricing. The ability of the Mixed Xylene to produce downstream paint and pesticides and other derivatives PTA, PA, and Isophthalic acid resulted in a high requirement for the product. Moreover, the high freight charges due to the skyrocketing fuel prices forced the traders to revise their offers. Hence, the price for CFR South Hampton settled at USD 1490/ tonne in the quarter ending June.
For the Quarter Ending March 2022
North America
Mixed Xylene demand declined with the onset of the first quarter of 2022 due to temporary decline in its consumption for gasoline blending in North America. Prices witnessed a fall of 10% in Q1 in the USA compared to the last quarter. Mixed Xylene prices were assessed around USD 891/ton FOB Texas in the USA during January and went down to USD 814/ton FOB Texas by the middle of the quarter. USA being an exporter of Mixed Xylene, contributes around 15.2% of its total world share, where majority of the enquiries were observed from Canada.
Asia Pacific
In Asia Pacific region, price of Mixed Xylene increased in Q1 of 2022 in India, South Korea and China. Mixed Xylene prices were assessed around USD 796.38/ton in India at the beginning of the quarter. Prices surged due to freight vessel tightness and port congestion. In China, demand from the downstream gasoline blending sector levied adequate cost support for Mixed-Xylene. As a ripple effect, the current spot market transactions gathered significant momentum and strengthened the producer's will to raise the offered quotation of Mixed Xylene in China.
Europe
During Q1 of 2022, Europe saw a surge in the prices due to the firm values of feedstock Benzene and Toluene because of volatility in upstream crude prices. Mixed Xylene prices were assessed at USD 1190/ton FOB Hamburg in Germany during March 2022. Additionally, robust demand from the downstream manufacturers and exorbitant freight costs also supported the pricing trend of Mixed Xylene across the European region. Moreover, acute energy crises led to the production cut that sent further ripples to the values of Mixed Xylene.
For the Quarter Ending December 2021
North America
In North America, Mixed Xylene prices experienced an upward trajectory in the fourth quarter of 2021 backed by the firm demand from the downstream Agrochemicals and Paints manufacturers. Volatility in the upstream crude oil values and strong offers of upstream Benzene and Toluene had directly supported the pricing trend of Mixed Xylene in this time frame. As USA, imports Benzene from South Korea thus, exorbitant freight charges also kept the Mixed Xylene quotations high in the US market. Thus, FOB Texas Mixed Xylene prices settled at USD 998/MT in December witnessing a significant hike of 11% since October. Mixed Xylene prices are likely to attain more gains in the upcoming month in effect of upstream crude oil prices.
Asia
In APAC, Mixed Xylene market had witnessed a downward trajectory during the fourth quarter of 2021 in effect of ample supplies and stable to narrow demand. Buying moment kept fluctuating depending upon the enquiries from downstream manufacturers. In India, a steep fall in Mixed Xylene prices was seen backed by declining feedstock Benzene values in the domestic market coupled with the surplus inventories. Moreover, Mixed Xylene market sentiments also remained dampened during the last month of the quarter in Indian market. Volatility in crude oil offers also influenced the pricing trend of Mixed Xylene. In December, Mixed Xylene Ex-Mumbai prices tumbled down to USD 736.11/MT showcasing a substantial decline of around 141/MT since October supported by the lower buying momentum and lull trade activities because of the year end.
Europe
In the European market, Mixed Xylene prices witnessed an upward trend during the fourth quarter of 2021 backed by the firm values of feedstock Benzene and Toluene because of volatility in upstream crude oil fundamentals. Additionally, strong demand from the downstream manufacturers and exorbitant freight cost also supported the pricing trend of Mixed Xylene across the European region. Moreover, acute energy crises led to the production cut that sent further ripples to the values of Mixed Xylene. Hence, FOB Hamburg prices were assessed at USD 920/MT in December witnessing a rise of USD 110/MT since October.
For the Quarter Ending September 2021
North America
During the third quarter of 2021, the overall market of Mixed Xylene witnessed an upward trajectory in North America. US aromatics market continued its stable trend with continued poor extraction spreads as blend values set the floor for mixed Xylenes in Q3 2021. Prompt spot MX prices held a roughly early to mid-130s US dollars per metric ton spread to reformate values as demand from the downstream paraxylene segment continued to lag in the early phases of Q3. However, paraxylene demand improved into the quarter which pressured the prices towards H2 of the quarter. Overall buying interest was improved as the supply tightened towards later stages of the quarter which resulted in price strengthening of Mixed Xylene. Furthermore, prices further bolstered from rising energy feedstock prices. The Pricing trend of MX seesawed from early 700s per MT in the beginning of the quarter to cross 800 mark in the 2nd half of the quarter on FOB basis.
Asia Pacific
In Q3 2021, the prices of MX observed a significant rise in the Asia Pacific region. In China, a hike in the demand for toluene during the holiday season supported the regional toluene prices along with MX prices as the upstream markets remained firm during the quarter. In India, manufacturers witnessed subsequent gains during the third quarter in their profit margins due to strong consumer sentiments in the country. Seasonal specification changes of gasoline in several countries for winter in the Northern Hemisphere are expected to result in additional volumes of Mixed Xylene flowing into the spot market in Q4. As downstream consumption from key sectors improved, market prospects of MX strengthened towards the end of the quarter which send a wave of optimism amongst the manufacturers. Ex-location prices for MX in India escalated from USD 844 to USD 862 per metric tonne in Q3 2021.
Europe
The overall market outlook of MX remained buoyant throughout the third quarter of 2021. As flooding devastated the large areas of western Germany along with Belgium, damage of billions of dollars was observed in Q3, however, the power infrastructure was restored quickly in mid-July. Impact on spot prices was muted during the quarter with market adjusting to seasonal variations in demand. FOB Hamburg (Germany) price of MX was last assessed at USD 790/MT in September Q3 2021.
For the Quarter Ending of June 2021
North America
During the second quarter of 2021, Mixed Xylene (MX) supply conditions in the North American region improved compared to the first quarter, owing to the resumption of upstream crackers in the US Gulf coast which restored the production of nearly 83% of the refineries impacted by the winter storm. Improved Mixed Xylene production supported the regional export market as enquiries were piled up from the overseas buyers. Demand was exceptional in the second quarter as the offtakes from the downstream PTA and PX industry remained high throughout the quarter. As a ripple effect, Mixed Xylene pricing trend eased with FOB Texas discussion settling at USD 740 per tonne in June.
Asia Pacific
In the second quarter of 2021, Mixed Xylene supplies in the Asia Pacific region were ample to meet the buyers’ enquiries. One of the MX units in Japan resumed production after extended turnaround. The Chinese authorities imposed consumption taxes over the imported Heavy Aromatics commodities, which translated into strong gains in the domestic price of Mixed Xylene in the second half of the quarter after a long period of stagnancy. In India, Mixed Xylene (MX) pricing trend was bolstered in the first half of the quarter due to reduced imports from the overseas suppliers, however the industrial activities were subdued amid the COVID restrictions which surged the inventory levels. Ex-Works Ahmedabad (India) discussions for MX stood rangebound between USD 830-845 per tonne in June.
Europe
Planned outages at downstream PTA plants across the region subdued demand for Mixed Xylene. Even though the plants came online by June, demand remained largely muted. This boosted the supply fundamentals which were remarked as “better” in comparison to the earlier quarter. Exports to other regions also witnessed a slump in numbers. Spot activity in the key European market was soft although contractual volumes intake remained balanced. Price trend also epitomized the market sentiments, as FOB Rotterdam price was settled at USD 760 per MT measuring a dip in comparison to Q1 price.
For the Quarter Ending March 2021
North America
As the region was hardest hit by the winter storm Uri in mid-February, the regional Mixed Xylene market remained severely impacted with the storm knocking numerous refiners and chemical plants offline for a significant period. The supplies of almost all xylenes remained constrained during Q1 2021, pushing the prices to unprecedented highs during the second half of the quarter. Strong offtakes from the downstream PTA and PET sectors surged the demand during Q1 2021. FOB Texas price of Mixed Xylene was assessed around USD 715/ton in March. Price for April deliveries witnessed a month-on-month surge of USD 100/ton, extending marked gains due to persistent tightness in the upstream markets.
Asia-Pacific (APAC)
Mixed Xylene supplies in the Asian Pacific region were balanced during Q1 2021, owing to the addition of new downstream production facilities in China. However, supplies tightened during the Chinese Lunar New Year holidays, followed by the hike in crude oil prices amidst the production cuts by the OPEC+ nations. Japanese giant, ENEOS Corp. remained severely impacted since 13th Feb. by the earthquake. At Negishi, Eneos restarted production of aromatics such as benzene, mixed xylene, toluene, from 21 February. Supply shortage in February spiked the prices of Mixed Xylene by 8%, prices of Mixed Xylene in India were observed around USD 842/ton in March.
Europe
The European Mixed Xylene supplies remained tight during the quarter as several northwest European plants were operating at reduced capacity, owned to the transportation hiccups in Amsterdam-Rotterdam-Antwerp route amidst the cold weather and high-water level. Furthermore, reduced imports from the USA worsened the situation. The supply shortage was exacerbated by shutdown of major producer in Marghera industrial site in Italy having capacity of 35,000 tons/year Mixed-Xylene facility in early February. Demand surged due to better offtakes by the downstream factories.
For the Quarter Ending September 2020
North America
There was a sharp fall in the supply of Mixed Xylene by the end of the third quarter because of the seasonal storms across the US Gulf Coast which cut off nearly 10 per cent of total US’ Mixed Xylene supply. Sentiments were weighed under predictions that the MX supply in the US will continue to stay affected by reduced refinery run rates till 2021. However, demand witnessed a sudden jump in September with market sources stipulating active buying by the end consumers. However, the recovery was short-lived as the demand clawed back to its April-June levels much before expected. It is being predicted that the potential strength in spot benzene prices would lend strong support to the dampened MX prices moving into Q4.
Asia
Production of Mixed Xylenes from the Naphtha reformers and toluene disproportionation units was affected due to curtailed production margins. The news of commissioning of a new plant in south China helped in supporting the overall production capacity. Demand stood stable at the start of Q3 but accelerated moving into August and September. Recovery in the downstream consumption and buoyant end user demand triggered a sharp spike in the Asian pricing range. Indian mixed xylene offers were raised to around USD 660 per tonne in August, tracing the regional uptrend.
Europe
At the start of Q3, Mixed Xylene market was heard grappling with weak economics. The main reason behind the pressured dynamics was the poor demand, forcing curtailed poor production rates. As per the market sources, Mixed Xylene run rates were maintained at low levels throughout H2 2020, amid anticipations that the situation may continue to be the same moving into 2021. Lackluster buying kept the offers exceptionally low throughout the third quarter. The region’s MX market remained under constant stress as the news of second wave of COVID-19 infections affected the producers who had been strongly eyeing on the economic recovery which would strongly decide the growth of the xylene chain.
